President Lee Jae-myung said on the 1st, regarding the controversy over owning multiple dwellings, "Selling and buying houses is a personal freedom, but whether that leads to profit or loss is decided by the government." He made clear that, through future tax, finance, and regulatory policies, he will ensure real estate speculation does not pay.
While on a state visit to Singapore, the president wrote on X (formerly Twitter) local time that day, "There is no need to force politicians to sell or not buy just because they have multiple dwellings or are non-resident," adding the remarks above.
The president noted, "In a capitalist society, people buy up houses because it makes money; if it did not, they would not buy even if they held rituals and prayed," adding, "The issue is not individuals but politics and government that designed systems enabling speculation."
He stressed, "If taxes, finance, and regulations had been designed to make real estate speculation impossible, and to make holding many dwellings or living in ultra-high-priced houses carry burdens commensurate with their social side effects, speculation would not have occurred."
He also explained, "Inducing the sale of multiple dwellings or non-resident investment dwellings is not forcing a moral obligation, but giving those who have profited by trusting past policy failures a chance to avoid losses."
He continued, "From now on, we will rigorously design the system so that choices like those in the past result in losses, and we will implement it without wavering in the face of any resistance or slander," adding, "Making choices that run counter to government policy never pay is the path to a normal society."
Citing Singapore as an example, the president said, "Although national income is close to $100,000 per capita, national development is not hindered by real estate speculation," adding, "If the government has the will, it is fully possible."
He added, "Speculation in dwellings robs young people of hope and ruins the country," and, "With the authority granted by the sovereign people, we will decisively resolve ruinous speculation."
Meanwhile, some in politics suggested the remarks that day may have been aimed at Jang Dong-hyeok, leader of the People Power Party, who owns multiple dwellings. Jang holds equity in dwellings and officetels across Seoul, South Chungcheong, South Gyeongsang, and Gyeonggi, and has recently put a Yeouido officetel up for sale.